OPEC Secretary General, HE Mohammad Sanusi Barkindo, along with a delegation from the OPEC Secretariat, will be attending the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) that take place in Washington DC from October 7-9.
HE Barkindo has already presented a statement to the International Monetary and Financial Committee outlining OPEC’s current oil market outlook. This included commentary on global economic growth, oil demand and supply, commercial oil stocks and the demand for OPEC crude. HE Barkindo also reaffirmed OPEC’s longstanding commitment to support oil market stability for the mutual benefit of consuming and producing nations.
HE Barkindo also delivered an intervention to the G-24 Ministerial meeting that took place on October 6. This included some background and context to the decision taken at the 170th (Extraordinary) Meeting of the OPEC Conference in Algiers last week.
He said that the landmark decision “underlines the Organization’s continued commitment to a ‘sustainable stability’ in oil markets, for the mutual interests of producing nations, for efficient and secure supplies to consumers, and with a fair return on invested capital for all producers.”
The Conference decision to opt for an OPEC-14 production target ranging between 32.5 and 33 million barrels a day, he said, “was focused on the need to accelerate the ongoing drawdown of the stock overhang and bring the rebalancing forward.”